**ANNOUNCEMENT      OF COMMENCEMENT OF THE PUBLIC OFFER OF NON-SHARE CONVERTIBLE AND SUBORDINATED      DEBENTURES **

*Comissão      de Valores Mobiliários*

**Companhia        de Bebidas das Américas - AmBev**

**R$2,065,080,000.00**

| **1.** | **CORPORATE                  ACTS AND REGISTRATIONS** |
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| **2.** | **USE                  OF PROCEEDS** |
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| 2.1 | The                  proceeds obtained by the Issuer via the Offer will be used for                  payment of                  the acquisition of Quilmes Industrial S.A. shares held by Beverage                  Associates Corp. (BAC), as informed in the Relevant Notice published                  on                  April 13, 2006. Alternatively, if the proceeds are not partially                  or                  totally used to this end, they will be destined to the liquidation                  of                  short term financial amount outstanding, the implementation of                  investment                  plans and the working capital of the Issuer. |
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| **3.** | **CHARACTERISTICS                  OF THE OFFER** |
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| 3.1 | *Placement*.                  The Debentures will be subject to a firm commitment public offer                  ("Offer"),                  with the intermediation of securities settlement system financial                  institutions, without reserve or minimum or maximum investment                  amount, the                  Offer becoming effective in accordance with the Book Building Procedure                  (as defined below). |
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| 3.2 | *Book                  Building*.                  Book building was adopted, organized by the Underwriters in accordance                  with paragraphs 1o and 2o of Article 23 and Article 44 of CVM                  Instruction* *n.o 400/03,                  without reserve or minimum or maximum investment amount, for the                  definition of the issuance of First Tranche Debentures (as defined                  below)                  and the Second Tranche Debentures (as defined below) and considering                  that                  the issuance of the First Tranche Debentures and the Second Tranche                  Debentures was confirmed, to determine, along with the Issuer (together                  the “Book Building Procedure”): |
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|  | I. | the                  amount of the First Tranche Debentures and the Second Tranche Debentures,                  observing that the total of the First Tranche Debentures and the                  Second                  Tranche Debentures cannot exceed R$2,000,000,000.00 (two                  billion Reais), on the Date of Issuance (as defined below), and                  200,000 (two hundred thousand) Debentures, not taking Over-Allotment                  Debentures (as defined below) and Additional Debentures (as defined                  below)                  into account. The amount of the First Tranche Debentures and the                  Second                  Tranche Debentures defined in the Book Building Procedure is described                  in                  Clause 4.5 below; and |
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|  | II. | the                  Remuneration of the First Tranche (as defined below) and the Remuneration                  of the Second Tranche (as defined below). The Remuneration of the                  First                  Tranche and the Remuneration of the Second Tranche are defined                  in the Book                  Building Procedure described in Clause 4.13 below. |
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| 3.2.1 | The                  results of the Book Building Procedure were ratified by the Board                  of                  Directors of the Issuer and divulged according to paragraph 2o of Article                  23 of CVM Instruction n.o 400/03, as well as ratified via amendment                  to the Deed of Issuance. |
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| 3.3 | *Subscription                  Term*.                  With respect to (i) the                  granting by CVM of the Offer filing; (ii) the publication of the                  announcement of the commencement of the Offer ("Announcement                  of Commencement");                  and (iii) dissemination of the definitive prospectus of the Offer                  (“Definitive                  Prospectus”)                  to investors, the Debentures will be subscribed, at any time, within                  6                  (six) months from the date of the publication of the Announcement                  of                  Commencement. |
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| 3.4 | *Form                  of Subscription*.                  The Debentures will be subscribed according to CETIP and CBLC settlement                  procedure. |
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| 3.5 | The                  Debentures will be paid-up in cash, upon subscription (“Subscription                  Payment Date”),                  in domestic currency: |
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|  | I. | The                  First Tranche Debentures will be paid-up at Nominal Value (as defined                  below), plus the same calculation factor of the Remuneration of                  the First                  Tranche, calculated *pro                  rata temporis*                  from the Date of Issuance until the Subscription Payment Date                  (“First                  Tranche Subscription Payment Price”);                  and |
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|  | II. | The                  Second Tranche Debentures will be paid-up at Nominal Value (as                  defined                  below), plus the same calculation factor of the Remuneration of                  the Second                  Tranche, calculated *pro                  rata temporis*                  from the Date of Issuance until the Subscription Payment Date                  (“Second                  Tranche Subscription Payment Price”). |
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| 3.6 | *Negotiation*.                  The                  Debentures shall be registered for negotiation in the secondary                  market                  with the National Debentures System - SND and                  BovespaFix. |
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| **4.** | **CHARACTERISTICS                  OF THE DEBENTURES** |
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| 4.1 | *Issuance                  Number*.                  The Debentures represent the 1st (first) issuance of debentures                  of the                  Issuer. |
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| 4.2 | *Total                  Value of the Issuance*.                  The                  total value of the issuance is R$2,065,080,000.00 (two billion                  sixty five                  million eighty thousand Reais) on the Date of Issuance, taking                  into                  account the Additional Debentures. |
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| 4.3 | *Amount*.                  206,508 (two hundred and six thousand five hundred and eight)                  Debentures will be issued, in accordance with Clause 4.5 below. |
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| 4.3.1 | In                  accordance with Article 24 of CVM Instruction no 400/03, the number of                  Debentures to be initially offered (not taking into accounting                  Additional                  Debentures) can be increased by up to 15% (fifteen percent), i.e.,                  up to                  30,000 (thirty thousand) over-allotment Debentures (“Over-Allotment                  Debentures”),                  exclusively destined to attend excess demand that might result                  from Offer,                  which can only be exercised by the Underwriters upon mutual agreement                  with                  the Issuer within 5 (five) business days from the date of publication                  of                  the Announcement of Commencement. The Underwriters and the Issuer                  shall                  renounce the right to Over-Allotment Debentures. |
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| 4.3.2 | In                  accordance with paragraph 2o of Article 14 of CVM Instruction                  n.o 400/03, the number of Debentures initially offered (without                  taking the Over-Allotment Debentures into account) can be increased                  by up                  to 20% (twenty percent), i.e., up to 40,000 (forty thousand) additional                  Debentures (“Additional                  Debentures”),                  which can be issued by the Underwriters upon mutual agreement with                  the                  Issuer within 5 (five) business days from the date of publication                  of the                  Announcement of Commencement. The Issuer, in mutual agreement with                  the                  Underwriters, issued 6,508 (six thousand five hundred and eight)                  Additional Debentures, the Issuer and the Underwriters having renounced                  the exercise of the Additional Debentures remaining. The amount                  of                  Debentures indicated in Clause 4.3 above already take into account                  the                  Additional Debentures issued in accordance with this Clause. |
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| 4.4 | *Nominal                  Value*.                  The Debentures will have the nominal value of R$10,000.00 (ten                  thousand                  Reais) on the Date on Issuance ("Nominal                  Value"). |
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| 4.5 | *Tranches*.                  The issuance will be made in two tranches, in accordance with the                  Book                  Building Procedure, given that: |
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|  | I. | The                  first tranche will be comprised of 81,705 (eighty one thousand seven                  hundred and five) Debentures, totaling R$817,050,000.00 (eight                  hundred and                  seventeen million fifty thousand Reais), on the Date of Issuance                  ("First                  Tranche Debentures");                  and |
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|  | II. | The                  second tranche will be comprised of 124,803 (one hundred and twenty                  four thousand eight hundred and three) Debentures, totaling                  R$1,248,030,000.00 (one billion two hundred and forty eight million                  thirty                  thousand Reais, on the Date of Issuance ("Second                  Tranche Debentures"). |
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| 4.5.1 | The                  Issuer shall not place the Second Tranche Debentures before placement                  of                  the First Tranche Debentures or the remainder not placed                  canceled. |
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| 4.5.2 | With                  exception of the references specific to the First Tranche Debentures                  or                  the Second Tranche Debentures, all references to the “Debentures” shall be                  intended as referencing the First Tranche Debentures and the Second                  Tranche Debentures together. |
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| 4.6 | *Form*.                    The Debentures will be issued as nominative, book entry, without                    certificate, ownership of the Debentures, for all legal purposes,                    being                    demonstrated by a statement issued by Banco Itaú S.A., provider of                    bookkeeping services and the agent bank of the Debentures ("Depositary                    Institution",                    which definition includes any other institution which may succeed                    the                    Depositary Institution in the rendering of services under this                    Clause),                    and, further, (i) for the Debentures under CETIP custody, CETIP                    will issue                    a report on their position, accompanied by a statement in the                    name of the                    Debenture holder, issued by the financial institution responsible                    for the                    custody of the Debentures; and (ii) for the Debentures under                    CBLC custody,                    a report will be issued indicating the ownership of the Debentures                    under                    CBLC custody; in both cases equally, the reports shall serve                    to prove                    Debenture ownership. |
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| 4.7 | *Convertibility*.                    The Debentures are not share                    convertible. |
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| 4.8 | *Type*.                    The Debentures are subordinated, in accordance with Article 58 of Law                    n.o 6.404/76. |
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| 4.8.1 | Given                    that (i) on the date of execution of the Deed of Issuance, the                    company capital of the Issuer is R$5,710,745,488.08 (five billion                    seven                    hundred and ten million seven hundred and forty five thousand                    four hundred                    and eighty eight Reais and eight centavos); and (ii) that the                    Debentures represent the first issuance of the Issuer, the limit                    for                    issuance under Article 60 of Law n.o 6.404/76 has been                    reached. |
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| 4.9 | *Date                    of Issuance*.                    For all legal purposes, the date of issuance of the Debentures                    shall be                    July 1, 2006 ("Date                    of Issuance"). |
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| 4.10 | *Term                    and Maturity Date*.                    The term (i) of the First Tranche Debentures shall be 3 (three)                    years,                    from the Date of Issuance, their maturity date being July 1,                    2009                    ("Maturity                    Date of the First Tranche");                    and (ii) of the Second Tranche Debentures shall be 6 (six) years,                    from the Date of Issuance, their Maturity Date being July 1,                    2012                    ("Maturity                    Date of the Second Tranche"). |
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| 4.11 | *Payment                    of the Nominal Value*.                    The Nominal Value (i) of the First Tranche Debentures will be paid in                    1 (one) installment on the Maturity Date of the First Tranche;                    and (ii) of                    the Second Tranche Debentures will be paid in 1 (one) installment                    on the                    Maturity Date of the Second                    Tranche. |
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| 4.12 | *Monetary                    Correction*.                    There will be no monetary correction of the Nominal                    Value. |
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| 4.13 | *Remuneration*.                    On the Nominal Value: |
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|   | *I.* | the                    First Tranche Debentures will yield interest equivalent to                    101.75% (one hundred and one point seventy five percent) in                    accordance with the Book Building Procedure and the accumulated                    variation                    of the extra-group one day Interfinance Deposit - ID average                    daily rate,                    expressed in an annual percentage rate based on 252 (two hundred                    and fifty                    two) business days, calculated and published daily by CETIP on                    its                    Internet website (http://www.cetip.com.br)                    (“ID Rate”), calculated exponentially and cumulatively *pro                    rata temporis*                    per business days elapsed, incident on the Nominal Value of the                    First                    Tranche Debentures until the Date of Issuance or the close of                    the                    Capitalization Period (as defined below), as may be the case,                    until the                    date of its effective redemption (“Remuneration                    of the First Tranche”);                    and * * |
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|   | *II.* | the                    Second Tranche Debentures will yield interest equivalent to                    102.50% (one hundred and two point five zero percent), in accordance                    with the Book Building Procedure and the accumulated variation                    of the                    extra-group one day Interfinance Deposit - ID average daily rate,                    expressed in an annual percentage rate based on 252 (two hundred                    and fifty                    two) business days, incident on the Nominal Value of the Second                    Tranche                    Debentures until the Date of Issuance or the close of the Capitalization                    Period, as may be the case, until the date of its effective redemption                    (“Remuneration                    of the Second Tranche”);                    and, together with the Remuneration of the First Tranche, "Remuneration"). |
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| 4.13.1 | The                    Remuneration of the First Tranche and the Remuneration of the                    Second                    Tranche will be paid on a trimester basis from the Date of Issuance,                    the                    first payment being made on October 1, 2006 and the last on the                    Maturity                    Date of the First Tranche in the case of the Remuneration of                    the First                    Tranche, and on the Maturity Date of the Second Tranche in the                    case of                    Remuneration of the Second Tranche. Remuneration of the First                    Tranche and                    Remuneration of the Second Tranche can be made to Debenture holders                    of the                    First or Second Tranche, as may be the case, until the end of                    the 1st                    (first) business day preceding the respective maturity                    date. |
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| 4.13.2 | Remuneration                    will be calculated according to the following                    formula: |
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|  | *JR                  =* | *VN*                    x                    [*ID                    Factor*                    -                    1], where: |
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|  | JR                  = | amount                    of the Remuneration of the First Tranche or the Remuneration                    of the Second                    Tranche, as may be the case, due on its respective maturity date,                    calculated up to 6 (six) decimal points, without                    rounding; |
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|  | NV                  = | Nominal                    Value at the commencement of each Capitalization Period, calculated                    up to                    6 (six) decimal points, without                    rounding; |
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|  | ID                  Factor = | sum                    of the ID Rates using the applicable percentages, on the date                    of the                    commencement of the capitalization, inclusive, until the date                    of                    calculation, exclusive, calculated up to 8 (eight) decimal points,                    without                    rounding, according to the formula                    below: |
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|  | ID                    Factor = | ,                      where: |
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|  | nDI                    = | total                    of ID Rates, "nDI"                    being a whole number; |
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|  | IDRk                      = | daily                      IDR, calculated up to 8 (eight) decimal points, without                      rounding: |
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|   | IDRk                          = |  |  -1,                          where: |
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|  | k                    = | 1,                    2, ..., n; |
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|  | IDk                      = | ID                      Rate, expressed in an annual percentage rate based on 252 (two                      hundred and                      fifty two) business days, applicable day                      "k"; |
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|  | dk                          = | number                          of business days corresponding to the ID Rate term, "dk"                          being a whole number; and |
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|  | S                              = | the                              percentage figure applicable the ID Rate, up to 2 (two)                              decimal points,                              the percentage figure applying to the Remuneration                              of the First Tranche                              being that of subitem I to Clause 4.13 above, and in                              the case of the                              Remuneration of the Second Tranche the percentage figure                              being that of                              subitem II to Clause 4.13 above. |
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| 4.13.3 | In                    accordance with Clause 4.13.4 below, if on the maturity date                    of any of the                    pecuniary obligations relative to the First and/or Second Tranche                    Debentures, there is no calculation and/or publication of the                    ID Rate, to                    the Remuneration of the First Tranche and/or the Remuneration                    of the                    Second Tranche, as may be the case, the last ID Rate officially                    divulged                    will be applied, there being no financial compensation between                    the Issuer                    and the First and/or Second Tranche Debenture holders, as may                    be the case,                    with regard to later publication of the applicable ID Rate. |
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| 4.13.4 | In                    the case of non-calculation and/or publication of the ID Rate                    for more                    than 10 (ten) consecutive days from the expected date of its                    publication,                    or, immediately, in the case of the termination of the ID Rate                    or the                    impossibility of the application of the ID Rate on legal grounds                    or on the                    basis of judicial determination, the ID Rate should be substituted                    by a                    legally acceptable substitute. Should there be no legally acceptable                    substitute, the Fiduciary Agent shall call a meeting of First                    and/or                    Second Tranche Debenture holders, as may be the case, to be held                    in no                    more than 20 (twenty) days from the final date of the term any                    of the                    events under this beginning of this Clause, to deliberate, in                    mutual                    agreement with the Issuer, the new parameters for remuneration                    of the                    First and/or Second Tranche Debentures, as may be the case, such                    parameters preserving the actual value and same levels of Remuneration                    of                    the First and/or Second Tranche, as may be the case. Should First                    Tranche                    Debenture holders, in said meeting, representing, at least, 2/3                    (two                    thirds) of the First Tranche Debentures outstanding, and/or the                    Second                    Tranche Debenture holders, in said meeting, representing, at                    least, 2/3                    (two thirds) of the Second Tranche Debentures outstanding, as                    may be the                    case, not approve of the parameters proposed by the Issuer, the                    First                    Tranche Debentures outstanding and/or the Second Tranche Debentures                    outstanding, as the case may be, must be redeemed and, consequently,                    cancelled in their entirety, at Nominal Value plus Remuneration                    of the                    First Tranche or Remuneration of the Second Tranche, as the case                    may be,                    due from the Date of Issuance or the last date of payment of                    Remuneration                    of the First Tranche or Remuneration of the Second Tranche, as                    the case                    may be, calculated *pro                    rata temporis*                    until the date of its effective payment, within 20 (twenty) days                    of the                    close of the general meeting(s) of the Debentures holders to                    which this                    Clause refers. The redemption amount to which this Clause refers                    will not                    be increased by a premium or penalty of any nature. Until definition                    of                    the new parameters or redemption, as the case may be, the same                    percentage                    figure of the last ID Rate officially published will be used,                    increased by                    the applicable percentage figure, calculated *pro                    rata temporis*. |
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| 4.14 | *Rescheduling*.                    There will be no programmed rescheduling. |
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| 4.15 | *Optional                    Early Redemption*.                    There will be no optional early redemption of any of the Debentures. |
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| 4.16 | *Optional                    Acquisition*.                    The Issuer may, at any time, acquire outstanding Debentures at                    a price no                    greater than the Nominal Value plus Remuneration calculated *pro rata                    temporis*                    from the Date of Issuance                    or                    the date of the last payment of the Remuneration until the date                    of their                    effective payment, in accordance with paragraph 2o of Article 55                    of Law n.o 6.404/76. The Debentures acquired by the Issuer may, at                    the Issuer’s discretion, be cancelled, held in treasury or be placed in                    the market. The Debentures acquired by the Issuer to be held                    in treasury                    according to this Clause, when replaced in the market, will receive                    the                    same Remuneration as the other Debentures outstanding. |
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| 4.17 | *Charges                    on Arrears.*                    In                    the event of delay of payment of any amount due with regard to                    any                    obligation under the Deed of Issuance, interest will be paid                    on the amount                    due, independent of notice, notification or judicial or extrajudicial                    notification, and without prejudice to Remuneration, calculated                    *pro                    rata temporis*                    from the date of default until the date of the effective payment;                    (i) a                    late payment penalty of 2% (two percent); and (ii) default interest                    of 1%                    (one percent) a month, calculated *pro                    rata temporis*                    from the date of default until the date of the effective payment                    (“Charges                    on Arrears”). |
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| 4.18 | *Non-entitlement                      of Right to Additions*.                      In case the Debenture holder does not present itself to receive                      the amount                      correspondent to any pecuniary obligation on the dates set                      forth in the                      Deed of Issuance or in any other communication made or notice                      published                      according to the terms of the Deed of Issuance, the Debenture                      holder will                      not be entitled to any additions in the time period relating                      to such                      delay, it being assured the Debenture holder, however, those                      rights vested                      up to the respective maturity or payment date, in the case                      of delayed                      payment. |
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| 4.19 | *Place                      of Payment.*                      The payments relative to the Debentures and any other amounts                      as may be                      due by the Issuer under the Deed of Issuance will be made by                      the Issuer                      through CETIP or CBLC intermediation, dependent on whether                      the Debentures                      are under CETIP or CBLC custody, or via the Depositary Institution                      to the                      Debenture holders which do not have their Debentures held in                      CETIP or CBLC                      custody. |
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| 4.19.1 | If                      any Debenture holder has immunity or tax exemption, it is obliged                      to                      forward to the Depositary Institution, within at least 10 (ten)                      business                      days prior to the expected date for the receipt of the Debenture-related                      amounts, all documentation supporting said immunity or tax                      exemption, it                      being assured that in the case the Debenture holder does not                      forward the                      referenced documentation, the Issuer will retain the tax amounts                      determined by law. |
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| 4.20 | *Extension                      of Terms*.                      The terms relative to the payment of any obligation under the                      Deed of                      Issuance until the 1st (first) subsequent business day will                      be considered                      extended, if their maturity coincides with a day in which there                      are no                      business or banking hours in the City of São Paulo, State of São Paulo,                      without the incidence of surcharge on the amounts to be paid,                      except in                      the case these payments had to be made via the CETIP or CBLC                      systems, in                      which case there will be an extension only when the date of                      payment                      coincides with national bank holidays, Saturdays or                      Sundays. |
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| 4.21 | *Early                      Maturity.*                      Subject to Clauses 4.21.1, 4.21.2 and 4.21.3 below, the Fiduciary                      Agent                      will declare the early maturity of any obligation under the                      Deed of                      Issuance, and require the immediate payment, by the Issuer,                      of the Nominal                      Value of the Debentures outstanding, plus Remuneration, calculated                      *pro                      rata temporis*                      from the Date of Issuance or the date of the last payment of                      the                      Remuneration, as may be the case, until the date of the effective                      payment                      (and also, in the case of subitem II below, payment of the                      Charges in                      Arrears, under Clause 4.21.2 below), independent of notice,                      notification                      of judicial or extrajudicial notification, on the occurrence                      of any of the                      following events: |
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|  | I. | (a)                      petition for voluntarily-declared bankruptcy of the Issuer;                      (b) decree of                      bankruptcy of the Issuer; (c) petition for judicial or extrajudicial                      recovery of the Issuer; or (d) liquidation, dissolution or                      extinction of                      the Issuer; |
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|  | II. | non-payment,                      by the Issuer, of the Nominal Value, of the Remuneration or                      of any other                      amounts due the Debenture holders on the respective payment                      dates under                      the Deed of Issuance; |
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|  | III. | non-performance,                      by the Issuer, of any non-pecuniary obligation under the Deed                      of Issuance,                      said non-performance not being remedied within 45 (forty five)                      days of                      receipt of written notice in its regard sent to the Issuer                      by the                      Fiduciary Agent; |
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|  | IV. | the                      occurrence of: |
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|  | (a) | declaration                      of early maturity, for contractual non-performance, of any                      amount                      outstanding of the Issuer or of any Relevant Subsidiary (as                      defined below)                      equal to or greater than US$50,000,000.00 (fifty million U.S.                      dollars) (or                      its equivalent in other currencies) converted by the Conversion                      Rate; or |
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|  | (b) | non-payment,                      on its respective maturity date or after the maturity cure                      term stipulated                      has run, of any amount outstanding of the Issuer or of any                      Relevant                      Subsidiary equal to or greater than US$50,000,000.00 (fifty                      million U.S.                      dollars) (or its equivalent in other currency) converted by                      the Conversion                      Rate, except if such non-payment results from certain events                      which limit                      or restrict the capacity of the Issuer or the Relevant Subsidiary,                      as may                      be the case, from converting Reais in foreign currency or transferring                      foreign currency abroad to fulfill its respective                      obligations; |
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|  | V. | *res                      judicata*                      of                      one or more judicial decisions or the granting of one or more                      arbitration                      awards against the Issuer or any Relevant Subsidiary that result(s)                      or may                      potentially result, jointly or separately, in the obligation                      of payment to                      the Issuer or any Relevant Subsidiary of an amount equal to                      or greater                      than US$50,000,000.00 (fifty million U.S. dollars) (or its                      equivalent in                      other currencies) converted by the Conversion Rate, except                      if this                      obligation, which amount is fixed and net and which payment                      cannot be                      subject to appeal, legal action or motion which, in any case,                      will suspend                      the execution, (a) is paid according to the provisions and                      terms                      established in the judicial decision(s) or arbitration award(s)                      or (b) is                      guaranteed by sufficient Issuer assets, performance guarantee                      or letter of                      guarantee in the execution, provided that, in any of the cases                      this                      subitem (b), the same is accepted by the competent                      forum. |
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|  | VI. | approval                      of any corporate restructuring involving the Issuer (including                      takeovers                      where the Issuer is the acquiring company), provided that the                      corporate                      restructure in question results the lowering by two or more                      levels                      (notches) of the rating classification of the Debentures as                      appears in the                      Announcement of Commencement, observing that, in accordance                      with Article                      231 of Law n.o 6.404/76, the provision in this subitem is not applicable                      to mergers, takeover (applicable only when the Issuer is the                      target) or                      spin-off of the Issuer, if (a) the operation had been previously                      approved                      by the holders of, at least, the majority of the First Tranche                      Debentures                      outstanding and, at least, the majority of the Second Tranche                      Debentures                      outstanding; or (b) it has been assured to the Debenture holders                      which                      desire, within at least 6 (six) months from the date of the                      publication of                      the general meeting(s) relative to the operation, the redemption                      of the                      Debentures held by them, at Nominal Value, plus Remuneration,                      calculated                      *pro                      rata temporis*                      from the Date of Issuance or the date of the last payment of                      the                      Remuneration, as may be the case; |
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|  | VII. | reduction                      of the company capital of the Issuer and/or buyback, by the                      Issuer, beyond                      the limit established by CVM regulation, of its own shares                      for canceling,                      except if the operation had been previously approved by the                      holders of, at                      least, the majority of the First Tranche Debentures outstanding                      and, at                      least, the majority of the Second Tranche Debentures outstanding,                      according to paragraph 3o of Article 174 of Law n.o 6.404/76. |
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|  | VIII. | transformation                      of the Issuer into a limited liability company, according to                      the                      provisions of Articles 220-222 of Law n.o                      6.404/76; |
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|  | IX. | if                      the Deed of Issuance is rendered invalid, non-effective or                      unenforceable                      against the Issuer, or in the case the enforceability of the                      Deed of                      Issuance is questioned by the Issuer or, further, in the case                      that the                      Issuer denies that it has liability under the Deed of Issuance;                      or |
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|  | X. | alienation                      of the control of the Issuer, provided that, cumulatively (a)                      such                      alienation, pursuant to as defined in paragraph 1o to Article 254-A of Law                      n.o 6.404/76, results in a public offer for the acquisition of                      shares,                      under Article 254-A of Law n.o 6.404/76 (this subitem (a) is applicable                      only if the Issuer, at the time of the event, is a publicly-held                      company);                      and (ii) such alienation results in the lowering, by two or                      more levels                      (notches), of the rating classification of the Debentures appearing                      in the                      Announcement of Commencement. |
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| 4.21.1 | If                      any of the events to subitems I or II of Clause 4.21 above                      occur, the same                      must be immediately informed the Fiduciary Agent by the Issuer,                      and the                      Debentures will become automatically matured, independent of                      notice or                      judicial or extrajudicial                      notification. |
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| 4.21.2 | Occurring                      any of the other events to Clause 4.21 above (except those                      to Clause                      4.21.1 above), which shall be immediately informed by the Issuer                      to the                      Fiduciary Agent, and these events are not remedied, the Fiduciary                      Agent                      shall, in accordance with the Deed of Issuance call, within                      a maximum of 5                      (five) business days from its occurrence, Debenture holder                      general                      meetings, to be held within the minimum timeframe under the                      law. If, in                      these Debenture holder general meetings, Debenture holders                      representing,                      at least, 2/3 (two thirds) of the First Tranche Debentures                      outstanding or                      2/3 (two thirds) of the Second                      Tranche Debentures outstanding,                      as may be the case, decide not to consider the early maturity                      of the First                      Tranche Debentures outstanding or the Second Tranche Debentures                      outstanding, as may be the case, or, further, in the case of                      suspension                      for deliberation on a future date, the Fiduciary Agent shall                      not declare                      the early maturity of the First Tranche Debentures or of the                      Second                      Tranche Debentures, as may be the case; otherwise, or in the                      case, in a                      second call, of non-holding of the referenced meetings of the                      holders of                      the First Tranche Debentures or the Second Tranche Debentures,                      as may be                      the case, the Fiduciary Agent shall declare the early maturity                      of the                      First Tranche Debentures or the Second Tranche Debentures,                      as may be the                      case. |
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| 4.21.3 | In                      the occurrence of the early maturity of the First Tranche Debentures                      and                      of the Second Tranche Debentures, as may be the case, the Issuer                      is                      obliged to pay the Nominal Value of the First Tranche Debentures                      outstanding or the Second Tranche Debentures outstanding, as                      may be the                      case, plus the Remuneration of the First Tranche Debentures                      or of the                      Second Tranche Debentures, as may be the case (and, in the                      case of subitem                      II of Clause 4.21 above, Charges in Arrears, calculated from                      the date when                      these payments should have been made), calculated *pro                      rata temporis*                      from the Date of Issuance or from the date of the last payment                      of                      Remuneration, until the date of their effective payment, and                      of any other                      amounts as may be due by the Issuer under the Deed of Issuance                      within 20                      (twenty) days from the date of communication in this regard,                      sent by the                      Fiduciary Agent to the Issuer, under penalty of, in case of                      non-compliance, being obliged, further, to pay Charges in Arrears. |
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| 4.21.4 | The                      following definitions apply for purposes of this Announcement                      of                      Commencement and the Deed of                      Issuance: |
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| 4.22 | *Publicity*:                      With exception of the Announcement of Commencement, the announcement                      of                      closing of the Offer (“Announcement                      of Closing”),                      the market announcement referenced in Article 53 of CVM Instruction                      n.o                      400/03 and such other statements to investors published until                      the date of                      the publication of the Announcement of Closing, published exclusively                      in                      the “Gazeta Mercantil” and “Valor Econômico” newspapers, national issues,                      all the corporate acts and decisions regarding the Debentures                      shall be                      communicated, in a form of a statement, in the Official Gazette                      of the                      State of São Paulo and in the newspaper “Gazeta Mercantil”, always                      immediately following notice of the corporate act to be published,                      the                      time period for manifestation of the Debenture holders, if                      necessary,                      obeying the provisions of the prevailing legislation, of the                      Deed of                      Issuance or, in the case of no express provision, being of,                      at least, 10                      (ten) business days from the date of publication of the statement.                      The                      Issuer can substitute the above newspapers with other newspapers                      of large                      circulation, via written communication to the Fiduciary Agent                      and the                      publication, in a form of a statement, in the newspapers to                      be                      substituted. |
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| **5.** | **PLACEMENT                      REGIME** |
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| 5.1 | The                      conditions to the Debentures Issuance Agreement (“Issuance                      Agreement”)                      being observed, the Underwriters will place, without joint                      and several                      liability between them, under a firm commitment scheme, 200,000                      (two                      hundred thousand) Debentures, within 3 (three) business days                      from the date                      of publication of the Announcement of Commencement, inclusive                      (“Firm                      Commitment Term”)                      in the following proportion: |
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|   | I. | Lead                      Underwriter: 90,000 (ninety thousand) Debentures, valued at                      R$900,000,000.00 (nine hundred million Reais) on the Date of                      Issuance                      (“Debentures                      Subject to Lead Underwriter Firm Commitment”);                      and |
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|   | II. | BB                      BI: 70,000 (seventy thousand) Second Tranche Debentures, valued                      at                      R$700,000,000.00 (seven hundred million Reais) on the Date                      of Issuance                      (“Debentures                      Subject to BB BI Firm Commitment”);                      and |
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|   | III. | Citibank:                      40,000 (forty thousand) First Tranche Debentures, valued at                      R$400,000,000.00 (four hundred million Reais) on the Date of                      Issuance                      (“Debentures                      Subject to Citibank Firm Commitment”,                      and, together with the Debentures Subject to Lead Underwriter                      Firm                      Commitment and Debentures Subject to BB BI Firm Commitment,“Debentures                      Subject to Firm Commitment”). |
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| 5.1.1 | The                      division between First Tranche Debentures and/or Second Tranche                      Debentures                      was determined according to the result of the Book Building                      Procedure. |
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| 5.1.2 | If,                      until the end of the Firm Commitment Term, the First Tranche                      Debentures                      and/or the Second Tranche Debentures have not been placed in                      their                      entirety, the Underwriters, without any joint and several liability,                      shall, until the last day of the Firm Commitment Term, subscribe                      and pay                      up, at the applicable Subscription Price, the respective Debentures                      Subject to Firm Commitment that were for whatever reason not                      placed to                      investors. In case of firm commitment exercise by the Lead                      Underwriter,                      the Debentures Subject to Firm Commitment will be First Tranche                      Debentures                      and/or Second Tranche Debentures, at the discretion of the                      Issuer. |
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| 5.1.3 | According                      to the provisions of Clause 5 of Attachment VI of CVM Instruction                      n.o                      400/02, in the case any of the Underwriters eventually (i)                      come to                      subscribe First Tranche Debentures and/or Second Tranche Debentures                      because of the guarantee assured under Clause 5.1 above; and                      (ii) are                      interested in selling said First Tranche Debentures and/or                      said Second                      Tranche Debentures before the publication of the announcement                      of closing                      of the Offer (“Announcement                      of Closing”),                      the price of resale of said First Tranche Debentures and/or                      said Second                      Tranche Debentures will be limited to the Nominal Value, plus                      the                      Remuneration of the First Tranche Debentures or the Remuneration                      of the                      Second Tranche Debentures, as may be the case, calculated *pro                      rata temporis*from                      the Date of Issuance until the date of the respective sale.                      The resale of                      the Debentures by the Underwriters, after the publication of                      the                      Announcement of Closing, can be made at the price to be determined                      according to the conditions of the market verified at that                      time. The                      resale of the Debentures, according to as mentioned herein,                      shall be made                      respecting the applicable regulation. |
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| **6.** | **TARGET                      PUBLIC** |
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| **7.** | **INADEQUACY                      OF THE OFFER TO CERTAIN                      INVESTORS** |
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| **8.** | **REGISTRATION                      WITH CVM** |
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**CVM/SRE/DEB/2006/030            and CVM/SRE/DEB/2006/031, on July 28, 2006.**

**Date            of Commencement to the Public Offer: July 31, 2006.**

| **9.** | **FIDUCIARY                      AGENT** |
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| **10.** | **DEPOSITARY                      INSTITUTION** |
|---------|-------------------------------------------------|

| **11.** | **DEFINITIVE                      PROSPECTUS** |
|---------|------------------------------------------------|

**Companhia            de Bebidas das Américas - AmBev**
**Unibanco -            União de Bancos Brasileiros S.A.**
**BB Banco            de Investimento S.A.**
**Banco            Citibank S.A.**
**Câmara            de Custódia e Liquidação - CETIP**
**Bolsa            de Valores de São Paulo - Bovespa**
**Comissão            de Valores Mobiliários - CVM**

| **12.** | **ADDITIONAL                      INFORMATION** |
|---------|-------------------------------------------------|

**The            registration of this Offer does not imply, on the part of CVM, guarantee            as to            the truthfulness of the information provided n**
**or            determination as to the quality of the Issuer or the Debentures to be            offered.**

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|  | This                      Offer was prepared in accordance with the provisions of the                      Code of                      Self-Regulation of the National Association of Investment Banks                      - ANBID                      for the Public Offer of Securities approved in a ANBID General                      Meeting and                      comprises part of the minutes filed with the 4o Company Registry                      Office of the City of São Paulo, State of São Paulo, under                      n.o 510718, the present public offer complying, thus, with the                      minimum information requirements under the code, it not befalling                      ANBID                      any liability with regard to said information, the quality                      of the Issuer                      and/or offerors, the participating institutions and the securities                      to the                      public offer. |
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